Otkritie Investments clients will be transferred to the VTB broker – Kommersant
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Clients of Otkritie Broker (operating under the Otkritie Investments brand) will transfer to the broker VTB My Investments by the end of January 2024. The VTB press service reported this “RBC Investments”.
As the VTB press service clarified, the client transition process will be implemented in several stages. The first stage involves making changes to the “Opening a Broker” regulations and informing clients about them. In November, VTB will begin to open brokerage and depository accounts, therefore, the transfer offer will be issued before this time (the client is given ten working days for its acceptance).
The transfer of client assets and liabilities from Otkritie Broker to VTB My Investments is scheduled for the end of December 2023. The integration is planned to be fully completed in January 2024. The VTB press service noted that the transfer of assets will be carried out within the Russian infrastructure, which eliminates the risk of blocking.
After the transfer of assets, clients will have the opportunity to trade and manage assets in their account with a VTB broker. Investors will be notified of this by email. Through VTB, investors will have access to the same markets as through Otkritie Brokera, the press service noted.
In August 2017, the Bank of Russia announced the reorganization of the Otkritie financial group, which includes Otkritie Investments. In July 2019, the regulator announced the completion of the reorganization of Otkritie and plans to sell part of the bank’s stake in 2021. At the end of December 2022 VTB closed a deal to purchase Otkritie from the Central Bank for 340 billion rubles, paying in full for 100% of the shares. Voluntary liquidation of Otkritie Bank and surrender of its license planned for 2025.
Read more about the sale of the bank in the Kommersant publication. “The ‘opening’ is over”.
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